LINCNasdaqServices-Educational ServicesFiscal year ends December 31
LINCOLN EDUCATIONAL SERVICES CORP
Financials through Q2 FY2026, quarter ended Jun 30, 2026Last filing: 10-Q on Aug 10, 2026
$22.37+0.15 (+0.68%)
Close on Oct 19, 2026
- Market cap
- $702.84M
- P/E (TTM)
- 35.0
- Dividend yield
- –
Margins
Share of revenue, fiscal years 2011 to 2025
Gross margin
60.4%+2.1 pts over 5 years
Operating margin
5.8%+0.8 pts over 5 years
Net margin
3.9%−12.7 pts over 5 years
Growth rates
Compound annual growth to fiscal 2025
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | +17.8% | +14.2% | +12.1% | +5.4% | |
| Gross profit | +21.1% | +16.2% | +12.9% | +7.3% | |
| Operating income | +99.7% | +23.0% | +15.4% | +45.7% | |
| Net income | +102.2% | +16.5% | -16.3% | – | |
| EPS, diluted | +100.0% | +21.1% | -15.6% | – |
Returns and balance sheet
10 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2016 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Return on equity | -41.6% | 72.4% | 10.6% | |
| Return on assets | -15.3% | 22.1% | 4.3% | |
| Current ratio | 0.97 | 1.11 | 0.86 | |
| Debt to equity | 0.76 | 0.19 | 0.00 | |
| Net debt to EBITDA | 0.32× | -0.94× | -0.58× | |
| Interest coverage | -4.7× | 11.6× | 8.9× | |
| Inventory turnover | 98.6× | 61.1× | 58.4× | |
| Capex to revenue | 1.3% | 1.9% | 16.7% | |
| Diluted shares | 23M | 25M | 0M |
Where the cash went
Fiscal 2021 to 2025, five years combined
Lincoln Educational Services generated $142.50M from operations and spent $211.05M on capital expenditure, dividends and share buybacks. 95% of that went back into the business.
Generated
$142.50M
Used
$211.05M
Capital expenditure$200.72M95%Dividends$00%Share buybacks$10.34M5%
DuPont analysis
Return on equity split into margin, efficiency and leverage
Net margin3.9%
×Asset turnover1.11×
×Equity multiplier2.46×
=Return on equity, FY202510.6%
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2025 | 3.9% | 1.11× | 2.46× | 10.6% |
| FY2024 | 2.2% | 1.13× | 2.27× | 5.7% |
| FY2023 | 6.9% | 1.19× | 2.04× | 16.7% |
| FY2022 | 3.6% | 1.19× | 2.14× | 9.2% |
| FY2021 | 10.4% | 1.24× | 2.45× | 31.5% |
| FY2020 | 16.6% | 1.33× | 3.28× | 72.4% |
| FY2019 | 0.7% | 1.60× | 4.11× | 4.9% |
| FY2018 | -4.4% | 1.75× | 3.52× | -26.8% |
| FY2017 | -4.4% | 1.64× | 3.16× | -22.8% |
| FY2016 | -9.9% | 1.54× | 2.73× | -41.6% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
5of 9 tests passed in fiscal 2025. Scores of 7 to 9 are usually read as strong.
- ProfitableNet income above zero$20.00M
- Cash generatingOperating cash flow above zero$59.31M
- Return on assets improvedROA up on the prior year2.9% → 4.6%
- Earnings backed by cashOperating cash flow above net income$59.31M vs $20.00M
- Less leverageLong-term debt to assets fell0.0% → 0.0%
- Better liquidityCurrent ratio rose1.23 → 0.86
- No dilutionShare count did not rise0M → 0M
- Gross margin improvedGross margin up on the prior year58.70% → 60.37%
- More efficientAsset turnover rose1.27 → 1.19